MUSCAT – The ministers will join a call with International Energy Agency (IEA) Executive Director Fatih Birol to assess the impact of the war on global energy markets, sources familiar with the matter said. At least three G7 countries, including the U.S., have indicated support for a joint release.
Officials are reportedly considering the release of 300–400 million barrels, roughly 25–30 percent of the 1.2 billion barrels held by IEA member nations, as a measure to stabilize markets shaken by supply cuts and fears of prolonged shipping disruptions in the Gulf.
The IEA’s emergency reserves are maintained by 32 member countries to provide rapid oil injections during crises and mitigate severe price volatility. Oil prices surged more than 25 percent Monday, hitting levels not seen since mid-2022, reflecting growing market concern over regional supply and geopolitical risks.
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